By Ian C. Sayson
April 3 (Bloomberg) -- The following companies may have unusual price changes in Asia trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Alumina Ltd. (AWC AU): The partner in the world’s largest producer of the material used to make aluminum had its credit ratings cut by Standard & Poor’s Ratings Services to BBB- from BBB+ with a negative outlook, on concern forecast lower earnings may affect debt repayment. The stock rose 5.2 percent to A$1.41.
BHP Billiton Ltd. (BHP AU): The world’s largest mining company said it won a $643 million dispute with the Australian Tax Office over its closed Boodarie iron plant in the country. The stock increased 4 percent to A$33.38.
Boustead Holdings Bhd. (BOUS MK): The Malaysian property and oil palm plantations company plans to sell assets, including land, valued at between 500 million ringgit ($139 million) and 600 million ringgit this year, the Malaysian Insider Web site reported, citing Managing Director Lodin Wok Kamaruddin. Boustead rose 2.4 percent to 3.42 ringgit.
Filinvest Land Inc. (FLI PM): The fourth-largest Philippine builder by market value said its profit before extra-ordinary items increased 28 percent in 2008 to 1.87 billion pesos ($38.91 million). The stock increased 5.6 percent to 38 centavos.
First Philippine Holdings Corp. (FPH PM): The owner of the nation’s biggest power retailer and non-state power producer said 2008 profit fell 73 percent as financing costs reduced earnings at its units. The stock rose 2 percent to 25.50 pesos.
GMA Network Inc. (GMA7 PM): The second-largest Philippine broadcaster by revenue said earnings growth may accelerate this year driven by increased market share and subscriptions at its overseas operations. The company said it increased this year’s dividends by 40 percent. The stock was unchanged at 4.25 pesos. Its depositary receipts (GMAP PM) gained 1.2 percent to 4.25 pesos.
GS Engineering & Construction Corp. (006360 KS): South Korea’s third-largest builder by market value said an order to build a refinery in central Russia was canceled. The stock jumped 11 percent to 68,600 won.
HSBC Holdings Plc (5 HK): Europe’s largest bank by market value doesn’t rule out further job cuts this year, said Sandy Flockhart, the company’s Asia-Pacific chief executive officer. The stock rallied 15 percent to HK$49.40.
ITC Corp. (372 HK): The Hong Kong-based provider of investment and financial services said its shareholders approved a capital reorganization. The stock rose 2.5 percent to 4.1 Hong Kong cents.
Nanya Technology Corp. (2408 TT): The unprofitable computer-memory chipmaker said its board hasn’t discussed a capital reduction. Nanya made the statement in an exchange filing in reaction to a report by the Commercial Times that parent company Formosa Plastics Group may reduce the unit’s capital by half to boost Nanya’s per-share value. The stock decreased 4.1 percent to NT$7.95.
PCCW Ltd. (8 HK): Hong Kong’s High Court will deliver its ruling on Chairman Richard Li’s bid to buy out PCCW on Monday, Judge Susan Kwan said. The judge adjourned the court case until April 6 after hearing two days of submissions. PCCW, Hong Kong’s biggest phone company, rose 1.3 percent to HK$3.98 before it was suspended from trading.
Powerchip Semiconductor Corp. (5346 TT): Taiwan’s biggest memory-chip maker said it is seeking to revise terms on $157.9 million of convertible bonds due in June. The stock increased 6.4 percent to NT$5.01.
Resorts World Bhd. (RNB MK): The Malaysian casino and hotel operator said it bought back 2 million shares for 1.99 ringgit each. Resorts rose 3.2 percent to 2.23 ringgit.
SM Prime Holdings Inc. (SMPH PM): The Philippines’ largest mall developer said it completed the sale of 5 billion pesos ($104 million) of debt to fund expansion and general expenses. The stock was unchanged at 7.30 pesos.
Stockland (SGP AU): The property trust and Stockland Group had their A-2 short-term ratings affirmed by Standard & Poor’s Ratings Services. The debt rating company kept a negative outlook, citing “volatility of earnings.” The stock jumped 9 percent to A$3.41.
Taihan Electric Wire Co. (001440 KS): South Korea’s second- biggest cable and wire maker said it received a 190.7 billion won ($143 million) order from Kuwait for electric cables. The stock advanced 5.9 percent to 19,000 won.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net
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